Current BMW Select rate

[BSMe90335i]

Does anybody know the current BMW Select rate for 60 months?

Thanks in advance!

[F82_SID]

Originally Posted by BSMe90335i

Does anybody know the current BMW Select rate for 60 months?

Thanks in advance!

Just asked my CA that question and this is what he told me:

"The BMW select is at 60 months. If your score is between 640-699, the balloon is 33%, is score is 639 or lower, the balloon is 30%, higher then 700 the balloon is 36% at 2.9% interest"

If you find out any more info please share. I think my CA BS's me allot.

[BSMe90335i]

Originally Posted by E92_SID

Just asked my CA that question and this is what he told me:

"The BMW select is at 60 months. If your score is between 640-699, the balloon is 33%, is score is 639 or lower, the balloon is 30%, higher then 700 the balloon is 36% at 2.9% interest"

If you find out any more info please share. I think my CA BS's me allot.

Thanks for the info, I haven't talked to any dealer yet. I wanted to have some info before I contact a dealer.

I will let you know if the dealer quotes me differently.

Thanks again!

[F82_SID]

Does anybody have any more info on Select?

[mpardun]

Same interest rate as Financing (I locked in at .9 for 36 or 1.9% for 60 mo. in October)...in a 60 month Select term for example, you have a 37% residual of the e90 sedan (with a credit score over 700). This amount is the balloon due at the end of the term.

So...the net effect is monthly payment that more closely approximates leasing than outright financing and a lump sum (balloon) owed at the end of the term that you can finance at that point, or pay in full. The big advantage is obviously cash-flow up front and ownership, the downside is ownership and the uncertainty around the market value of the vehicle and the shape it is in after the term is up.

[mpardun]

Originally Posted by E92_SID

Just asked my CA that question and this is what he told me:

"The BMW select is at 60 months. If your score is between 640-699, the balloon is 33%, is score is 639 or lower, the balloon is 30%, higher then 700 the balloon is 36% at 2.9% interest"

If you find out any more info please share. I think my CA BS's me allot.

Why would your balloon payment be lower with a worse credit score? I think I may be missing something...

Could your CA be mixing up residual values with the balloon payment calculation? The latest (NOV) lease rates peg the 60 month lease residuals at 33%?

2011 BMW M3 Sedan Lease
24 Month – Residual 58% of MSRP – .00135 Base Rate
36 Month – Residual 52% of MSRP – .00135 Base Rate
48 Month – Residual 40% of MSRP – .00230 Base Rate
60 Month – Residual 33% of MSRP – .00230 Base Rate

2011 BMW M3 Coupe Lease
24 Month – Residual 63% of MSRP – .00175 Base Rate
36 Month – Residual 57% of MSRP – .00175 Base Rate
48 Month – Residual 41% of MSRP – .00230 Base Rate
60 Month – Residual 33% of MSRP – .00230 Base Rate

2011 BMW M3 Convertible Lease
24 Month – Residual 68% of MSRP – .00130 Base Rate
36 Month – Residual 62% of MSRP – .00130 Base Rate
48 Month – Residual 38% of MSRP – .00230 Base Rate
60 Month – Residual 31% of MSRP – .00230 Base Rate

[trendy26]

Originally Posted by mpardun

Why would your balloon payment be lower with a worse credit score? I think I may be missing something...

Could your CA be mixing up residual values with the balloon payment calculation? The latest (NOV) lease rates peg the 60 month lease residuals at 33%?

2011 BMW M3 Sedan Lease
24 Month – Residual 58% of MSRP – .00135 Base Rate
36 Month – Residual 52% of MSRP – .00135 Base Rate
48 Month – Residual 40% of MSRP – .00230 Base Rate
60 Month – Residual 33% of MSRP – .00230 Base Rate

2011 BMW M3 Coupe Lease
24 Month – Residual 63% of MSRP – .00175 Base Rate
36 Month – Residual 57% of MSRP – .00175 Base Rate
48 Month – Residual 41% of MSRP – .00230 Base Rate
60 Month – Residual 33% of MSRP – .00230 Base Rate

2011 BMW M3 Convertible Lease
24 Month – Residual 68% of MSRP – .00130 Base Rate
36 Month – Residual 62% of MSRP – .00130 Base Rate
48 Month – Residual 38% of MSRP – .00230 Base Rate
60 Month – Residual 31% of MSRP – .00230 Base Rate

The residual gets lower with a lower credit score because that is less trust the finance company will have in you. Good credit rewards you with a higher residual, which yields a lower payment, due to paying down less of the car. As with any kind of financing, you pay more when your credit is lower.

Also, you cannot use the residuals from the leasing, as they differ from the BMW Select residuals.

[mpardun]

Originally Posted by trendy26

The residual gets lower with a lower credit score because that is less trust the finance company will have in you. Good credit rewards you with a higher residual, which yields a lower payment, due to paying down less of the car. As with any kind of financing, you pay more when your credit is lower.

Also, you cannot use the residuals from the leasing, as they differ from the BMW Select residuals.

My mistake...thanks.

[trendy26]

yeah it sucks that they don't list the Select Residuals (Other refer to it as Balloon rate). For example, the 36 month Select Residual on a Coupe is 52% I believe, and the Lease Residual is 57 - 60% depending on mileage.

[BSMe90335i]

My CA just quoted me BMW Select 60 months at 6.9%!! He said promo 2.9% finance cannot be applied to Select Financing. Is he BSing me?

BTW, does anybody have any proof of BMW Select at 2.9% for 60 months that I can show my CA?

Thanks in advance.

[michaelw9]

Originally Posted by BSMe90335i

My CA just quoted me BMW Select 60 months at 6.9%!! He said promo 2.9% finance cannot be applied to Select Financing. Is he BSing me?

BTW, does anybody have any proof of BMW Select at 2.9% for 60 months that I can show my CA?

Thanks in advance.

He's wrong. I just did it a few weeks ago, 1.90% for 60 months.

[BSMe90335i]

I just emailed my CA back again telling him all the deals people are getting here on BMW Select. He replied back right away and said that's impossible because BMW Finance doesn't allow it. I'm beginning to think about switching to a different dealership but I want to show him that he is wrong but I don't have any actual proof that states BMW select is at 2.9%. Can someone help me obtain some type of proof?

Thanks!

[tukluc]

I heard the same thing not less than a few hours ago from my dealer. He stated that BMW FS Select rates are NOT the same as the deals currently going for financing.

I have an email into BMW FS to confirm this....but if anyone else has proof, I would love to see it.

Thanks!

Originally Posted by BSMe90335i

My CA just quoted me BMW Select 60 months at 6.9%!! He said promo 2.9% finance cannot be applied to Select Financing. Is he BSing me?

BTW, does anybody have any proof of BMW Select at 2.9% for 60 months that I can show my CA?

Thanks in advance.

[BSMe90335i]

Originally Posted by tukluc

I heard the same thing not less than a few hours ago from my dealer. He stated that BMW FS Select rates are NOT the same as the deals currently going for financing.

I have an email into BMW FS to confirm this....but if anyone else has proof, I would love to see it.

Thanks!

I also email BMW FS but have yet to get a reply. I have an appointment with my CA this afternoon. Any help here on the forum before then is greatly appreciated.

Thanks!

[michaelw9]

Originally Posted by BSMe90335i

I also email BMW FS but have yet to get a reply. I have an appointment with my CA this afternoon. Any help here on the forum before then is greatly appreciated.

Thanks!

Tell him you will lose his business if he can not confirm it for you immediately and give an explanation as to why others across the entire USA seem to be doing so.

I could scan my finance document for you, but it will take a day or two to get done.

He should just believe you. If he's making such a big deal about being correct, it means he's not going out of his way to verify it.

What about when something comes up where you really do need his help, and you don't want the lazy "Can't do it" response? They are working for you, and he's not doing the work.

I'd find another dealer.

[michaelw9]

Originally Posted by tukluc

I heard the same thing not less than a few hours ago from my dealer. He stated that BMW FS Select rates are NOT the same as the deals currently going for financing.

I have an email into BMW FS to confirm this....but if anyone else has proof, I would love to see it.

Thanks!

So weird, because they actually make more money (interest) on a Select loan than a traditional finance, even with both at the same interest rate. Doesn't make sense that they would have higher rates for a balloon loan. It kinda defies the entire point.

[comebackid]

Just my .02. I did BMW Select in May. I don't know what happened since then but the rate for Select and traditional financing through BMWFS was EXACTLY THE SAME - 3.9 at the time.

[BSMe90335i]

My CA actually asked me to send him an example agreement. I asked him to check with BMW FS again and still he wouldn't budge. Is this program only for certain states and not for where I live? This is getting frustrating.......

[mpardun]

I am 3 weeks out form picking my vehicle up at the PC...It has gone very smoothly

He quoted me 1.9% select rate for 60 months with a 37% balloon payment (best credit) or straight Finance at 60 months for 1.9%.

NO BS!

Ryan Amico
Internet Sales Manager - Steve Thomas BMW
805-482-8878

[michaelw9]

Originally Posted by BSMe90335i

My CA actually asked me to send him an example agreement. I asked him to check with BMW FS again and still he wouldn't budge. Is this program only for certain states and not for where I live? This is getting frustrating.......

I will scan my document for you and post it tomorrow. I'd send it to him, thank him for not checking his own business facts, and then do business with someone else.

[BSMe90335i]

Thank you guys for the support! This forum has helped me a ton!

[michaelw9]

Originally Posted by BSMe90335i

Thank you guys for the support! This forum has helped me a ton!

You should print the forum posts too and bring that to his attention as well.

It's amazing how many sales people take advantage of people who they otherwrise think may not have all information instantly available at their disposal!